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Polygon: $1.04(-6.3%) Bitcoin: $27,137.00(-3.6%) Ethereum: $1,712.08(-3.92%) Tether: $1.00(-0.19%) BNB: $308.72(-6.33%) USD Coin: $1.00(-0.21%) XRP: $0.4789(5.6%) Cardano: $0.3446(-3.75%) Dogecoin: $0.0731(-2.38%) Lido Staked Ether: $1,661.79(-6.47%) Polygon: $1.04(-6.3%) US Congress considers crypto too big and influential to ban it
September 5, 2022
Brad Sherman, a member of the US Congress and a known crypto critic, commented about crypto in his recent interview with the Los Angeles Times by saying that the crypto community and the attached industry has grown past the point where someone could potentially think about banning it.
Sherman has been demanding for a crypto blanket ban for over three years by constantly raising concerns revolving around the risks associated with using virtual digital assets. An example of his stance toward the crypto community was his comment last year saying that "Cryptocurrencies have the political support of patriotic anarchists who are rooting for tax evasion. I hope we shut it down".
In his interview with the Times, he stated that the US government had made a big mistake by not banning crypto in the past when it was smaller because they didn't realize that it was important but a blanket ban on the entire industry is no longer feasible because "there's too much money and power behind it". Sherman considers cryptocurrency investments to be nothing more than a Ponzi scheme as most of the investors only buy digital assets with the intention of selling them later at a higher price.
Sherman argues that digital assets threaten the financial stability of the United States and undermine the supremacy of the dollar while becoming the favorite tools of criminals and hackers since they are inherently designed to pass under the radar of the authorities.
On the other hand there are several pro-crypto congress representatives such as Pete Sessions, who claims that bitcoin could be a key factor in helping to reshape America's energy independence from the rest of the world and also aligns perfectly with American values and will only strengthen the dollar as time passes. Another congressman Tom Emmer expressed his distress with regards to the recent ban on Tornado Cash by the US Treasury because the ban left the crypto community with very vague rules regarding what part of the blockchain and crypto technologies were being sanctioned.
The split and contradictory stance of regulators is clear from their views as some people including Sherman want the Securities and Exchange Commission (SEC) to regulate crypto because of its expertise while senators Cynthia Lummis and Kirsten Gillibrand recently introduced the first major bipartisan legislation in June that requires all crypto assets to be treated as commodities under the CFTC.
Sherman has been demanding for a crypto blanket ban for over three years by constantly raising concerns revolving around the risks associated with using virtual digital assets. An example of his stance toward the crypto community was his comment last year saying that "Cryptocurrencies have the political support of patriotic anarchists who are rooting for tax evasion. I hope we shut it down".
In his interview with the Times, he stated that the US government had made a big mistake by not banning crypto in the past when it was smaller because they didn't realize that it was important but a blanket ban on the entire industry is no longer feasible because "there's too much money and power behind it". Sherman considers cryptocurrency investments to be nothing more than a Ponzi scheme as most of the investors only buy digital assets with the intention of selling them later at a higher price.
It is hard to be running the subcommittee dedicated to investor protection in a country in which people want to wager on [meme coins]. Cryptocurrency is a meme you invest in, in the hopes that you can sell it to somebody else before it tanks. That's the nice thing about a Ponzi scheme.
Sherman argues that digital assets threaten the financial stability of the United States and undermine the supremacy of the dollar while becoming the favorite tools of criminals and hackers since they are inherently designed to pass under the radar of the authorities.
On the other hand there are several pro-crypto congress representatives such as Pete Sessions, who claims that bitcoin could be a key factor in helping to reshape America's energy independence from the rest of the world and also aligns perfectly with American values and will only strengthen the dollar as time passes. Another congressman Tom Emmer expressed his distress with regards to the recent ban on Tornado Cash by the US Treasury because the ban left the crypto community with very vague rules regarding what part of the blockchain and crypto technologies were being sanctioned.
The split and contradictory stance of regulators is clear from their views as some people including Sherman want the Securities and Exchange Commission (SEC) to regulate crypto because of its expertise while senators Cynthia Lummis and Kirsten Gillibrand recently introduced the first major bipartisan legislation in June that requires all crypto assets to be treated as commodities under the CFTC.
